A magnetic recording medium is disclosed, which comprises a support having thereon a magnetic layer comprising a binder and a ferromagnetic powder dispersed therein, wherein said binder comprises a polyurethane resin having at least one cyclic hydrocarbon group and at least one ether linkage, and said ferromagnetic powder is a ferromagnetic metallic powder which comprises Fe and has a mean major-axis length of from 0.05 to 0.19 .mu.m and a crystallite size of from 100 to 230 .ANG.; and further a magnetic recording medium is disclosed, comprising a support having thereon in succession an undercoat layer comprising a binder U and an inorganic powder dispersed therein and a magnetic layer comprising a binder M and a ferromagnetic powder dispersed therein, wherein at least either of the binder U or M comprises a polyurethane resin having at least one cyclic hydrocarbon group and at least one ether linkage and said ferromagnetic powder is a ferromagnetic metallic powder which comprises Fe and has a mean major-axis length of from 0.05 to 0.19 .mu.m and a crystallite size of from 100 to 230 .ANG..